The SABC releases its 2016/2017 annual results
6 October 2017
The South African Broadcasting Corporation (SABC) announced its annual results for the 2016/2017 financial year. The SABC posted a net loss after tax of R977 million during the year under review. The organisation experienced financial constraints owing to revenue streams deteriorating at a rate of 6 per cent higher than the costs reduction. Cash and cash equivalents as at the end of 2016/17 financial year were R82 million compared to the previous year’s R881 million. This significant decrease in cash reserves has resulted in the SABC not being able to pay its debts as they fall due.
Revenue and other income for the period under review was R7.6 billion (2016: R8.1 billion) which is a 6 per cent decrease year-on-year. Revenue is mainly derived from the primary revenue stream of advertising which decreased by 5 per cent to R5.6 billion (2016: R5.9 billion), sponsorships revenue also decreased by 18 per cent to R384 million (2016: R469 million), and TV license revenue also decreased by 7 per cent to R915 million (2016: R986 million) compared to prior year. Read the full article on Screen Africa here.